OpenGate Capital LLC announced today it signed an agreement to acquire Zodiac Recreational from Zodiac Marine & Pool.
OpenGate, a Los Angeles-based private investment and acquisition firm with offices in Paris and Brazil, is expected to complete the transaction within 90 days, subject to customary closing conditions, according to a statement.
Terms of the transaction were not disclosed.
Zodiac Marine & Pool is divesting Zodiac Recreational as part of an ongoing strategy to refocus its business in the military, professional and clean water industries. Zodiac Recreational manufactures RIBs, tenders, inflatables, life rafts and related accessories. Its three brand names are Zodiac, Bombard and Avon.
“After putting the operations of this world famous brand into a better position, we are very pleased with the decision to divest this business to OpenGate Capital, a firm we describe as good parents,” Zodiac Marine & Pool CEO Yves Dominioni said in a statement.
OpenGate Capital’s European partners Robert Lezec and Julien Lagrèze are leading the transaction and will work with Zodiac Recreational’s existing management team to strengthen operational and financial fundamentals, as well as drive expansion across Europe and into other markets around the world.
“We are extremely honored to have the trust and faith of Zodiac Marine & Pool,” OpenGate Capital founder and CEO Andrew Nikou said in a statement. “The Zodiac family of brands is iconic in its representation of quality, safety and reliability. We couldn’t be more pleased to mark our first marine industry acquisition with Zodiac, the ultimate symbol of performance.”